E277: How to Know When to Sell Your Business with Nate Lind

The Erik Cabral Show

As entrepreneurs, it’s crucial to consider whether your business is plateauing, declining, or profitable in order to determine whether it’s the right time to sell. Although many successful business owners are reluctant to sell, they may be missing out on the best opportunity to do so. As for Nate Lind, he went from having 27 active LLCs (it’s crazy!) – and now down to only one, directing all his focus on it.

Nate Lind is an entrepreneur, investor, and e-commerce business founder with expertise in building and scaling through innovative marketing strategies and operational excellence. A renowned keynote speaker, Nate shares his insights and strategies for success with global audiences. His book, Maximum Exit, is written for business owners who want to sell their businesses for as much money as possible.

Here are some power takeaways from today’s conversation:

• Getting clear on his purpose

• Becoming a millionaire after 100 days of bankruptcy

• Signs to close or sell your business

• Putting systems in place when you’re selling your business

• Adopting the Entrepreneurial Operating System (EOS)

Episode Highlights:

[17:55] Nate’s Journey From Bankruptcy to Becoming a Millionaire

Nate shared that he had experienced personal bankruptcy under Chapter Seven, leaving him completely broke and unable to pay off his debts. In a desperate attempt to keep his company afloat, Nate resorted to putting the payroll on his credit card. Despite his efforts, he eventually maxed out his credits and had to face the painful reality of closing down the business. This decision was made even more difficult as Nate felt a sense of duty towards his employees, whom he had been supporting through this challenging time. The experience left him with nightmares and symptoms of, what he calls, entrepreneurial PTSD. He was waking up with cold sweats in the middle of the night, thinking he failed everybody and had lost everything, including friends, family, and random investors.

[22:45] Signs It’s Time to Close or Sell Your Business

Timing is crucial in business, and it's important to evaluate the velocity of your business. Is it profitable? Plateauing? Or declining? Buyers are looking for stable or growing businesses, so if your business is doing well, you may not want to sell. However, that's actually the best time to sell. Many entrepreneurs struggle with this, as they don't want to let go of a successful business. But the reality is, when things start going downhill, it's much harder to find buyers. It's like borrowing money - when you need it, you can't get it. The biggest thing to remember is why you became an entrepreneur in the first place. Did you do it to work endless hours and make millions, or did you do it to achieve a certain lifestyle and pursue your passions? If your business is isolating you from your family and other areas of your life, it might be time to consider selling.

Resources Mentioned:

www.natelind.com/gift

www.maximumexit.com

EOS

The 5 Love Languages by Dr. Gary Chapman

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